9/11 Survivors And Thrivers

The September 11, 2001 terrorist attacks on the World Trade Center were swift and deadly. The first tower was hit at 8:46 a.m.; the second at 9:03 a.m. Both had collapsed into rubble less than two hours later. Sixty companies with offices at the World Trade Center reportedly lost employees that day; 1,402 people died in the north tower; 614 in the south tower. Cantor Fitzgerald lost 658 employees, more than any other firm.

Two decades later, we check in on some of the more prominent businesses in the twin towers. Many of them rebuilt and are stronger than ever. But not all survived. Here we check in with five.

Howard Lutnick led Cantor Fitzgerald through the aftermath of the 9/11 attacks. He is still chairman today.

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Cantor Fitzerald

Address 2001: 1 World Trade Center (Floors 101 to 105)

Address 2021: 110 East 59^th Street

Then: 658 of 960 New York employees died; founder Howard Lutnick survived because he was dropping his son off at his first day of kindergarten. Lutnick, who lost his brother and many of his friends, vowed to rebuild and pay victims’ families 25% of firm’s profits for five years and health insurance for ten.

Now: Lutnick, who is still chairman, kept his promise with $180 million in payouts. Altogether the firm’s relief fund distributed $357 million. Cantor Fitzgerald, which has added subsidiaries, now has 12,000 employees in 30+ international locations.

Fred Alger Management

Address 2001: WTC North, floor 93

Address 2021: 360 Park Avenue

Then: 35 employees died in the attacks including CEO David Alger, brother of founder Fred Alger.

Now: Dan Chung, Fred’s son-in-law and longtime employee, replaced David. He has overseen the company since then growing it from $16 billion to $47 billion in assets under management. The firm now has 172 employees.

Keefe, Bruyette and Woods

Address 2001: 2 World Trade Center (Floors 88 and 89)

Address 2021: 787 7th Avenue

Then: 67, out of approximately 171 New York based employees died including Co-CEO Joseph Berry and Christopher Duffy, the 23-year-old son of co-CEO John Duffy. The senior Duffy, who was driving in from Westchester that morning, survived.

Now: Duffy stepped down in 2011 and was succeeded by Thomas Michaud, who is still CEO of KBW today. In February 2013, the firm merged with Stifel Financial. Today it has over 330 employees and offices in ten cities. Since 2017, its investment banking team has advised on over 132 transactions, worth over $51 billion. Michaud, who was at the firm in 2001, remembers the colleagues who were lost that fateful day and the decision to move forward. “We looked around the table and we said the firm is not going to end that way. We’re not going to let terrorist fly planes into our buildings and end the firm. We’re just not going to do that. And we said we’re going to rebuild.” Below is the 20th anniversary video that the firm put together in memory of its late employees.

Marsh McLennan

Address 2001: 1 World Trade Center (Floors 93 – 100), 2 World Trade Center (Floors 48-54)

Address 2021: 1166 Avenue of the Americas

Then: 295 employees and 63 consultants died in the insurance company’s north tower offices. Meanwhile, Britt Newhouse, CEO of one of its subsidiaries, led employees in the South Tower to safety. One employee was also a passenger on one of the hijacked planes.

Now: Today the company has 78,000 employees, advises clients in 130 countries and brings in $18 billion in annual revenue. Marsh McLennan also has a memorial at its New York headquarters, located in the plaza adjacent to its offices, and a memorial site where people can leave tributes.

“As we approach the 20th anniversary of that horrendous day, and I think back to my personal experiences of 9/11 and find myself going through the losses and fear all over again, in my thoughts. The friends and colleagues who perished continue to be mourned and missed as much or more than they were in 2001,” wrote Lorraine Pepe in one of the many tributes.

May Davis Group

Address 2001: 1 World Trade Center (Floor 87)

Address 2021: Home office in Woodstock, N.Y.

Then: “I realized I had post-traumatic stress,” says Owen May, the managing director of the proudly scrappy Black-owned broker-dealer, speaking in many ways for his whole firm, which miraculously lost only employee, the heroic head trader Harry Ramos. “I didn’t take care of myself. I melted down. For a year, I was a on a shrink’s couch twice a week.”

Now: May Davis couldn’t ever fully recover, shutting it doors four years later. ”It was just an uphill struggle,” says May. He subsequently relaunched as MD Global, with an Asian focus and a more modest business model. “9/11 took away that whole zest of wanting to conquer the world.” May’s partner Kevin Davis remains in Baltimore at a hedge fund; May now works from his upstate home, and spends a lot of time focused on mentoring. “I can deal with this new reality.”